S&P500 daily futures call

This is a discussion on S&P500 daily futures call within the Trading Journals forums, part of the Reception category; The purpose of this journal is to post levels of support and resistance, mainly to assist in my own trading ...

The purpose of this journal is to post levels of support and resistance, mainly to assist in my own trading - but wanted to discuss movements in the S&P500 e-mini futures contract

Discussion of prior day (Fri 20 May)

- daily downtrend held at 1343, sold off to 1328 then rallied up to 1238.50 then 60 min uptrend rejected and sold off rest of day to approx 1328

Levels for Monday 23 May

Daily uptrend, coming in at 1323.12
Daily downtrend, coming in at 1340.82
Support - many levels, around 1324.50 to 1325.25

Thoughts from prior weeks trading - correct levels picked, unable to run trades with excellent positions. multiple daily trends traded but not able to run for the full 8-12 whole points that the S&P often runs.

Mon 23 May - big down day, Euro debt concerns. An overnight short was run to low at 1312.25, then a number of shorts were just stopped out on market open only to dump shortly after. A good signal was shown on 5 mintue showing a bottom around 1115am although the trade was missed. Overrall good trading, up 10 points - after the exchange went down in the afternoon. A number of trades were missed due to this.

Forecast: Again look for shorts, and maybe a re-test of the previous daily uptrend line. Any bounce could be violent due to large short positions in market.

Overnight recap - potential daily uptrend broken at 1312.46, and similar to yesterdays opening move - the market may look to move up and test this before selling off sharply. This happened yesterday in initial move up to 1323.72 then selling off 10 points.

A big push thru (likely one big trade) sent the ES thru 1312.46, down to 1302, before rallying back up to approx 1314. A few lots sold overnight on this pullback, although the entry was too aggressive. Couldve sold up higher closer to daily re-test - which happened and sold off as predicted.

Look for shorts only today - prior days candlestick indicates a potential BIG down day.

Daily recap - after making some ticks post durable goods on the short side, the long trade at around 10am was missed which has been happening past week - once the market cant sell off further it rallies strongly back up as all those short-sellers unwind their positions. Rallied back up to 1327.50. Look for a short position tonight from around 1326.5, as the prior daily uptrend is rejected. This has already occurred on Tuesday and Wednesday at 1322.5 and 1324.5 respectively. This line represents the 18 Apr low to 17 May low - and for the friday session comes in at 1326.3 in the June contract for ES.

If this breaks higher, look to short from 1332.11 - daily downtrend that covers four daily highs.